JAKARTA: Indonesia will remove export volume restrictions on palm oil products and raise its export levy instead, its trade minister said on Thursday, in a surprise policy U-turn just a week after it shocked markets by further tightening its curbs.
The world's biggest exporter of the edible oil has required companies to sell 30% of their planned export volume of palm oil products, up from 20% imposed in January, under a so-called domestic market obligation (DMO) aimed at ensuring local supply amid soaring cooking oil prices.
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